Please use this identifier to cite or link to this item: doi:10.22028/D291-32451
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Title: How and why different forms of expertise moderate anchor precision in price decisions: A pre-registered field experiment
Author(s): Frech, Marie-Lena
Loschelder, David D.
Friese, Malte
Language: English
Title: Experimental psychology : the new journal for experimental research in psychology
Volume: 66
Issue: 2
Startpage: 165
Endpage: 175
Publisher/Platform: Hogrefe & Huber
Year of Publication: 2019
Publikation type: Journal Article
Abstract: Increasing price precision leads to linearly stronger anchoring effects for amateurs, but highly precise anchors can backfire for experts. Previous research focused on experts bargaining about an object within their expertise domain (e.g., real-estate agents negotiated about a house listed at €978,781.63). This leaves unknown whether too much precision backfires for experts because of their (a) general negotiation expertise, (b) domain-specific pricing knowledge, or (c) the combination of general expertise and price-knowledge. Our pre-registered report seeks to replicate the too-much-precision effect and to experimentally separate general negotiation expertise from domain-specific price-knowledge. Seasoned experts (real-estate agents) negotiate about an object either within (house) or outside (motor yacht) their domain of expertise. We measure experts' willingness to pay (WTP), counteroffer, self-ascribed versus other-ascribed competence, and their self-ascribed versus other-ascribed price-knowledge. Based on responses of 400 professional real-estate agents, we replicate the advantageous anchor precision effect and illustrate that too much precision backfires regardless of whether agents negotiate within (house) or outside (yacht) their domain of expertise. Mediation analysis suggests that, consistent with previous research, the impact of precise anchors is due to the competence attributed to the negotiation opponent. Our results offer insights into the psychological mechanisms and theoretical understanding of anchor precision.
DOI of the first publication: 10.1027/1618-3169/a000441
URL of the first publication: https://econtent.hogrefe.com/doi/full/10.1027/1618-3169/a000441
Link to this record: hdl:20.500.11880/29819
http://dx.doi.org/10.22028/D291-32451
ISSN: 1618-3169
2190-5142
Date of registration: 6-Oct-2020
Faculty: HW - Fakultät für Empirische Humanwissenschaften und Wirtschaftswissenschaft
Department: HW - Psychologie
Professorship: HW - Prof. Dr. Malte Friese
Collections:UniBib – Die Universitätsbibliographie

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